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Guest Commentary: Gold & Silver Daily Outlook 10.12.2011

Guest Commentary: Gold & Silver Daily Outlook 10.12.2011

2011-10-12 13:57:00
Lior Cohen, Energy Analyst for Trading NRG,
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Gold & Silver - Daily Outlook October 12

Following the sharp gains to gold and silver on Monday, the trading slowed down yesterday as gold and silver nearly didn't change. Today, the minutes of the recent FOMC meeting will be published, Jean Claude Trichet will give a speech, and Australia's unemployment rate will be published as well.

Gold slightly declined on Tuesday by 0.59% to $1,661.0; silver on the other hand inclined by 0.06% to $32.00. The chart below shows the changes of gold and silver during October (normalized gold and silver prices (September 30th 2011=100)). During the current month, gold inclined by 2.4%, and silver by 6.4%.

Guest_Commentary_Gold_Silver_Daily_Outlook_10.12.2011_body_Gold_price.png, Guest Commentary: Gold & Silver Daily Outlook 10.12.2011

On Today's Agenda:

FOMC Meeting Minutes: Following the last FOMC meeting, in which the Fed's plan to purchase LT securities at $400 billion was announced, the minutes might bring some insight regarding this decision, and thus add some more information regarding the next steps of the FOMC in the near future that could affect the financial markets (see here FOMC decision);

ECB Conference Trichet Speaks;

Australia Rate of Unemployment:in the previous August report the unemployment rate slightly inclined to 5.3%, and number of employed people slightly fell by 9,700 during August. If this trend will continue it could further affect the Australian dollar and consequently perhaps even the bullion markets (see here the recent report);

USD/ Gold & Silver – October

The AUD/USD slipped on Tuesday by 0.35% to reach 0.9953; other currencies also followed and weakened against the USD including the CAD and YEN. If these currencies (AUD YEN and CAD) will continue to decline today it could further curb the progress of gold and silver.

Gold and Silver Outlook:

Gold and silver settled down yesterday after the sharp gains on Monday; the uncertainty in the markets continue to remain high and these uncertain times it's likely that gold and silver will thrive, therefore I still speculate that gold and silver will continue their slow comeback unless there will be breaking new developments regarding the European debt crisis. The minutes of the recent FOMC meeting might provide some insight and additional speculations around the Fed's next step which could affect substantially the financial markets including gold and silver.

For further reading:Gold and Silver Prices Monthly Outlook for October 2011

Lior Cohen, M.A. commodities analyst and blogger at Trading NRG.

By: Lior Cohen, Energy Analyst for Trading NRG

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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